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Non-Tech : DRIPs -- Dividend reinvestment plans
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To: Pan who wrote (106)5/4/1997 6:23:00 PM
From: Jeanne B   of 263
 
Dear Pan,
I just found this thread as I was looking for some new DRIP's for my investment club. I started from the beginning of the thread, so I don't know if this is addressed somewhere in the next 100 or so entries. My investment club was unhappy with the length of time it takes to buy the first share through NAIC. This was our solution. We use a discount broker for our regular broker but we buy our first share of of dividend reinvest through our second broker, which is Dean WItter. For a small purchase (such as one share) they charge 10% as well as a couple dollars of extra fees. This way we get our first share that day and can immediately begin to register ouselves for the DRIP program. We also roll our shares out of the DRIP program to our broker after we receive 100 shares or so. (We leave 1 share in to keep our DRIP program open) This way we are ready to sell at a moments notice. We have found that with a discount broker we stand to make a much better profit timing our sell than to try to save a couple of dollars by selling throught he company. Our club only take in $600 a month so it is very important to us to be able to use the advantages of a DRIP program. After we get another !00 or so shares we can roll those over too. It doesn't cost much to make one large sell, it is all the small buys that will kill you in commissions. I know many on this thread may not agree with this, but it works well for us.
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